Mann: Treasury Clarify Earlier Information

NEWS FROM THE CELTIC LEAGUE

Further to the Celtic League News item in which the Treasury Minister responded to our queries about financial regulation and the FSC and FCU (see link);

https://www.celticleague.net/news/treasury-minister-responds-on-financial-regulations/

The Treasury (Acting Chief Financial Officer) has advised as follows:

‘Further to your letter to the Treasury Minister and his subsequent reply I was reviewing the information provided I provided in relation to costs and believe I should clarify these. The figure given was an estimate of the net expenditure; it was net of the Financial Supervision Commission income of £1.7m collected as fees from licence holders. This gives estimated gross expenditure for both entities of £4.6m

The Financial Supervisions Commission’s annual report was released this week and can be found at

https://www.fsc.gov.im/brochure/201415’

The Celtic League is grateful to the Minister and Ms Lowe for this clarification.

J B Moffatt (Mr)

Director of Information
Celtic League

01/08/15

THE CELTIC LEAGUE INFORMATION SERVICE

The Celtic League was established in 1961and has branches in the six Celtic Countries. It works to promote cooperation between these countries and campaigns on a broad range of political, cultural and environmental matters. It highlights human rights abuse, monitors all military activity and focuses on socio-economic issues

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